BNY Mellon, IRS spar over $900 million tax benefit

WASHINGTON (Reuters) - Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse."

Related

WASHINGTON (Reuters) - Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse." The case is the first to go to trial since the IRS accused some banks of generating artificial foreign tax credits through loans with London-based Barclays Plc . The tax benefit stems from a $1.5 billion loan to BNY Mellon from Barclays Plc , which also helped several other U.S. banks generate billions in foreign tax credits. Barclays has not been accused of any wrongdoing. ...

By Saibus Research:We can understand why Berkshire Hathaway (BRK.B) has taken a 19.6M share position in The Bank of New York Mellon Corporation (BK). The Bank of New York used to be a traditional deposit gathering and loan making institution before it sold its consumer and commercial banking operations to J.P.

By Ganaxi Small Cap Movers:Bank of New York Mellon or BNY Mellon has a 200-plus-year old history, with its predecessor bank, The Bank of New York established in 1784 by American Founding Father Alexander Hamilton before its merger with Mellon Financial Corp. in 2007. Besides being the oldest bank in the U.S. and being founded by a Founding Father, the bank also has among its distinctions as being the first corporate stock to be traded on the NYSE. Today, BNY Mellon Corp.